1504 Freeman St · Houston, TX 77009

$409,000

2 bd · 2.0 ba · 1,418 sqft · MultiFamily public records · 50 Days on market

Built 1930 5,000 sqft lot $288/sqft · 35% above area Est $423k · at est.

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.9/30.0
• ARV discount +9.0/15.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

This Triplex is located in one of Houston’s rapidly evolving inner-loop corridors, this property offers a prime buy-and-hold opportunity in a high-growth area. Just minutes from Downtown, The Heights, and major redevelopment projects, the surrounding neighborhood continues to see strong investment and new construction. Situated on a single lot, the property features three separate units, each offering 2 bedrooms and 1 bathroom with approximately 630 sq ft of living space. All units will be delivered vacant, providing flexibility to lease at current market rates. Previously rented around $950 per unit, this property presents strong income potential with upside as the area continues to

Key facts

• 5,000 sq ft lot
• Built 1930
• Listed 50 days

Property features AI

Exterior

• Utilities: Electricity available; Natural gas available; Water available
• Home design: Residential income property; Built in 1930; Total building area approximately 1,978
• Construction: Composition roof
• Exterior features: Corner lot

Interior

• Bedrooms: Unit with 2 bedrooms; Three total units on property
• Bathrooms: 3 full bathrooms (total for property)
• Heating & cooling: Window units for cooling; Heating provided by wall furnace and window unit
• Interior features: Refrigerator

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $409k.

Deal economics

• At list price, monthly cash flow is $44 ($526/yr) — positive. Per door: $15/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $363k (11.2% below list).
• Recommended offer: $363k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.2% in Houston — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#184 in TX, #4,771 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime F.
• Houston ISD (urban): math 27% / reading 35% proficiency, ranked #593 of 826 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Marshall Middle (math 14% / reading 22%, grade F, #1,491 of 1,662 statewide, top 91%, 607 students, 97% FRL); Northside H S (math 15% / reading 26%, grade F, #1,389 of 1,632 statewide, top 86%, 1,168 students, 94% FRL) — zoned schools average 95% FRL vs 71% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 595 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,630/mo this rent would consume 52% of the median local household income ($83k/yr) (locally 994% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($397k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $363,000 (11.2% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.46%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (median comp): $423,014
• List price: $409,000
• Delta: -3.31%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.84% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.38×
• Total profit: $-71,154
• Equity at exit: $60,983

10-year hold

• IRR: -15.0%
• Equity multiple: 0.23×
• Total profit: $-88,495
• Equity at exit: $35,363

Cash invested: $114,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 77009

• Rents YoY: 0.8%
• Active inventory: 595
• Price-to-rent: 28.2×

Monthly cashflow live

• Estimated rent: $3,630 medium
• Mortgage (P&I): −$2,145
• Tax from tax record: −$509 /mo · $6,103/yr
• Insurance: −$170
• HOA: −$0
• Vacancy / Maint / Mgmt: −$762
• Net cashflow: $44

Break-even live

Break-even rent $3,575

Max offer price $409,000

Occupancy floor 94%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,630
Total (3 units)			$3,630

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $102,250
• Closing costs: $12,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1514 Everett St Houston, TX	2.0	1.0	970	$1,840	$1.90	19d	1	0.06mi
1625 N Main St Houston, TX	3.0	1.0–3.0	994	$2,007	$2.02	3d	42	0.13mi
1725 N Main St Houston, TX	2.0	2.0	988	$2,263	$2.29	43d	1	0.20mi
1250 Leona St Houston, TX	2.0	1.0–2.0	885	$1,990	$2.25	1d	16	0.28mi
1550 Leona St Unit 1587 Houston, TX	2.0	2.0	1131	$1,942	$1.72	43d	1	0.36mi
410 James St Unit 1031793P Houston, TX	3.0	2.0	1593	$7,554	$4.74	15d	1	0.36mi
410 James St Houston, TX	3.0	2.0	1602	$6,750	$4.21	43d	1	0.36mi
200 Hogan St Houston, TX	2.0	2.0	1058	$1,904	$1.80	11d	1	0.40mi
2016 N Main St Houston, TX	2.0	2.0	1169	$2,200	$1.88	43d	1	0.40mi
1550 Leona St Houston, TX	1.0–2.0	1.0–2.0	835	$1,905	$2.28	1d	19	0.40mi
412 Paschall St Unit 1316398P Houston, TX	3.0	2.0	1130	$4,840	$4.28	12d	1	0.44mi
1556 Leona St Houston, TX	1.0	1.0	905	$1,505	$1.66	43d	1	0.46mi
6 N Main St Houston, TX	2.0	2.0	1248	$2,453	$1.97	20d	1	0.49mi
6 N Main St Houston, TX	2.0	2.0	1248	$2,453	$1.97	43d	1	0.49mi
711 William St Houston, TX	1.0	1.0	1340	$2,250	$1.68	43d	1	0.51mi
711 William St Houston, TX	1.0	1.0	960	$1,700	$1.77	17d	1	0.51mi
2310 N Main St Houston, TX	2.0	2.0	997	$1,687	$1.69	43d	1	0.64mi
915 Franklin St Unit ID51118 Houston, TX	2.0	2.0	1342	$2,000	$1.49	43d	1	0.64mi
915 Franklin St Unit 312202 Houston, TX	2.0	2.0	1398	$1,987	$1.42	43d	1	0.64mi
915 Franklin St Unit 3-324 Houston, TX	2.0	2.0	1158	$2,498	$2.16	43d	1	0.64mi
915 Franklin St Unit 1-349 Houston, TX	1.0	1.0	950	$1,785	$1.88	43d	1	0.64mi
650 McKee St Apt 422 Houston, TX	2.0	2.0	966	$1,690	$1.75	7d	1	0.66mi
650 McKee St Unit 3112 Houston, TX	3.0	2.0	1136	$2,082	$1.83	2d	1	0.66mi
650 McKee St Unit 3174 Houston, TX	3.0	2.0	1136	$2,114	$1.86	10d	1	0.66mi
650 McKee St Unit 687 Houston, TX	2.0	2.0	966	$1,715	$1.78	43d	1	0.66mi
650 McKee St Unit 683 Houston, TX	3.0	2.0	1136	$2,125	$1.87	43d	1	0.66mi
650 McKee St Unit 2174 Houston, TX	2.0	2.0	966	$1,714	$1.77	10d	1	0.66mi
650 McKee St Unit 424 Houston, TX	2.0	2.0	966	$1,690	$1.75	5d	1	0.66mi
650 McKee St Unit 2148 Houston, TX	2.0	2.0	966	$1,682	$1.74	2d	1	0.66mi
650 McKee St Apt 425 Houston, TX	2.0	2.0	966	$1,725	$1.79	4d	1	0.66mi
201 Main St Unit 12258 Houston, TX	2.0	2.0	1308	$2,250	$1.72	43d	1	0.70mi
201 Main St Unit 10225 Houston, TX	1.0	1.0	910	$1,458	$1.60	43d	1	0.70mi
414 Milam St Unit B1-2003 Houston, TX	2.0	2.0	1585	$4,513	$2.85	43d	1	0.77mi
414 Milam St Houston, TX	2.0	2.5	1585	$3,845	$2.43	21d	1	0.77mi
414 Milam St Unit A3-2805 Houston, TX	1.0	1.0	1023	$3,235	$3.16	43d	1	0.77mi
207 Carl St Houston, TX	2.0	2.0	1230	$2,250	$1.83	43d	1	0.78mi
414 Milam St Unit 2162 Houston, TX	2.0	2.0	1585	$3,833	$2.42	5d	1	0.79mi
414 Milam St Unit 2148 Houston, TX	2.0	2.0	1585	$3,825	$2.41	2d	1	0.79mi
414 Milam St Unit 2165 Houston, TX	2.0	2.0	1585	$3,868	$2.44	4d	1	0.79mi
414 Milam St Unit 437 Houston, TX	2.0	2.0	1585	$3,857	$2.43	10d	1	0.79mi

Listing history 15 events

1. 2026-06-18
   days on market $409,000 Active 50 DOM
2. 2026-06-17
   days on market $409,000 Active 49 DOM
3. 2026-06-16
   days on market $409,000 Active 48 DOM
4. 2026-06-15
   days on market $409,000 Active 47 DOM
5. 2026-06-13
   days on market $409,000 Active 45 DOM
6. 2026-06-10
   days on market $409,000 Active 41 DOM
7. 2026-06-08
   days on market $409,000 Active 40 DOM
8. 2026-06-07
   days on market $409,000 Active 39 DOM
9. 2026-06-04
   days on market $409,000 Active 36 DOM
10. 2026-06-01
    days on market $409,000 Active 33 DOM
11. 2026-05-31
    days on market $409,000 Active 32 DOM
12. 2026-04-29
    listed $409,000 Active 851-char remark
13. 2007-11-21
    soldstatus
14. 2002-08-02
    soldstatus
15. 1997-12-15
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $6,103 · $509/mo
• Projected year-2 tax: $7,485 · $624/mo
• Expected delta: +$1,381/yr (+$115/mo · 22.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,560
• − Mortgage interest: −$22,910
• − Property taxes: −$6,103
• − Insurance: −$2,045
• − Repairs & maintenance: −$3,485
• − Management: −$3,485
• − Depreciation: −$11,898
• Taxable loss: −$6,366
• Est. tax savings @ 24.0%: +$1,528
• After-tax cash flow: $2,054/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Houston ISD
• NCES district ID: 4823640
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $46,054
• Composite: 26.63/100
• National rank: #7173
• State rank: #593 of 826 in TX

Livability — Houston

• Score: 74/100
• State rank: #184
• US rank: #4771

Category grades

Amenities A+ Commute A Cost of living A+ Crime F Employment C Housing A+ Health & safety A- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Houston, TX
• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

Population outlook (Harris County) Hauer SSP2

• Today (2025): 5,571,493 people
• By 2030: 6,089,821 · +9.3%
• By 2040: 7,142,806 · +28.2%
• By 2050: 8,185,864 · +46.9%
• By 2075: 10,574,329 · +89.8%
• By 2100: 12,109,958 · +117.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Harris

• 2024 margin: Lean D (+5.5) · D 52.0% · R 46.4% · Other 1.6%
• 2008→2024 swing: +3.9pp toward D · 2008: 1.6pp · 2024: 5.5pp
• All cycles: 2024: D+5.5 2020: D+13.3 2016: D+12.4 2012: D+0.1 2008: D+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• Metro: Houston-The Woodlands-Sugar Land, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

4 events — show timeline

• 2026-04-29 Listed $409,000 HARMLS
• 2007-11-21 Sold (Public Records) — Public Records
• 2002-08-02 Sold (Public Records) — Public Records
• 1997-12-15 Sold (Public Records) — Public Records

Property tax history

+5.1%/yr

Latest (2025): $6,103 · +2.0% YoY. Source: county tax records.